GBST shareholders vote for sale to FNZ
Shareholders in publicly-listed financial services technology company, GBST have overwhelmingly voted in favour of the acquisition of the company by New Zealand-originated and UK-based player, FNZ.
A meeting of shareholders voted in favour of the transaction which saw the company, originally founded in Wollongong, valued at $3.50 per share.
The outcome sees one of the company’s founders and its current chief executive, Rob DeDominicis, benefit to the tune of a cash payment of up to $490,000 under the terms of the company’s long-term and short-term incentive plan as well as the value of 699,055 GBST shares and 1,509,436 GBST options.
The acquisition scheme remains subject to court approval but it is expected that shares in GBST will cease trading on the Australian Securities Exchange (ASX) this Friday.
The shareholder vote came less than a week after GBST announced to the ASX that its former chief executive and managing director, Stephen Lake, had won a legal case concerning the termination of his employment in 2016.
The company said that Lake had alleged GBST owed him $2.6 million in connection with the termination and that the court had found that he was entitled to his claim of $2,2225,205.04 plus interest.
GBST said at the time of the judgement that it was reviewing its options.
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
